Investment case
After a significant sell-off of nearly 10% in May, we expect the rebound in copper prices, which started this month, to continue in the coming months. We believe that the market focus will shift from (uncertain) macro to (tight) fundamentals.
In this context, we hold that the iPath DJ-UBS Copper Total Return Sub-Index ETN (OTCPK:JJCTF), which replicates the performance of copper prices, will continue to move higher over the coming months. We see an upside potential of roughly 8% for JJCTF over the next month or so.
About JJCTF
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